Mr Pompeo told foreign ministers that the US is urging the World Bank and the International Monetary Fund to reduce funding to countries such as China, as he said they already have access to financial markets to raise capital.

He also said organisations including the UN, EU, African Union and IMF have become corroded and are in dire need of change.

In a speech to the German Marshall Fund in Brussels, Mr Pompeo said the US would call out "bad actors" that have exploited loopholes in these organisations for their own gain.